A Business at a Glance
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GENTEX CORP
GNTX
$5.1B
Mkt Cap
$22.90
-3.78%
GENTEX CORP (GNTX) has a current P/E ratio of 13.2, compared to its historical median P/E of 16.0. The stock is currently considered Fair based on its historical valuation range.
GENTEX CORP (GNTX) has a 5-year average return on invested capital (ROIC) of 19.5%. This indicates strong capital allocation and a potential competitive advantage.
GENTEX CORP (GNTX) has a market capitalization of $4.8B. It is classified as a mid-cap stock.
Yes, GENTEX CORP (GNTX) pays a dividend with a trailing twelve-month yield of 2.18%. The company also returns capital through share buybacks, with a buyback yield of 6.53%.
Based on historical P/E analysis, GENTEX CORP (GNTX) appears fair. The current P/E of 13.2 is 18% below its historical median of 16.0. The estimated fair value CAGR (P/E method) is 2.3%.
GENTEX CORP (GNTX) operates in the Motor Vehicle Parts & Accessories industry, within the Consumer Cyclical sector.
GENTEX CORP (GNTX) reported annual revenue of $2.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Gentex Corporation designs, develops, manufactures, and markets a diverse portfolio of automotive electronics, premium audio products, aerospace components, fire protection devices, and medical technologies. The company's largest segment comprises interior and exterior automatic-dimming automotive rearview mirrors utilizing proprietary electrochromic technology, complemented by value-added electronics for visors, overhead consoles, and other vehicle locations; the company also manufactures Full Display Mirror products featuring LCD displays that stream panoramic video of the vehicle's rearward view, and is developing driver monitoring systems and biometric authentication solutions for vehicle security and personalization. Beyond automotive, Gentex produces dimmable aircraft windows for aviation, smoke alarms and signaling devices for fire protection, low-vision smart glasses (eSightGo) for medical applications, and premium audio equipment and consumer electronics through its VOXX subsidiary acquired in 2024. The business model is primarily transactional, with revenue generated through direct sales to original equipment manufacturers (OEMs) in automotive and aerospace, and through distribution channels for fire protection and consumer electronics products; the company operates globally with sales, engineering, and distribution locations supporting all major automotive-producing regions worldwide. Gentex's competitive advantages include proprietary electrochromic technology, established OEM relationships, a track record of content expansion despite flat production volumes, and an expanding portfolio of advanced features commanding premium positioning. The company serves automotive OEMs across North America, Europe, Japan, Korea, and China, with additional revenue from aerospace, fire protection, medical device, and consumer electronics end-markets.
【New product ramp and margin recovery】 Management expects continued growth in Full Display Mirror with an additional 200,000–400,000 units anticipated in 2026, and driver monitoring systems expected to begin shipping to two additional OEM customers in the second and early third quarters of 2026, with material revenue contribution targeted for 2028–2029. Dimmable visor technology is progressing toward first customer launch in the second half of 2027, with manufacturing lines being built to support expected volumes. The company anticipates gross margin recovery toward its long-term target of 35–36%, supported by internal value-added features and cost reduction initiatives, though near-term headwinds from tariffs, precious metals, petroleum-based products, and memory component costs are expected to persist. Light vehicle production in the company's primary markets is forecast to remain flat to slightly down in 2026 and 2027, creating pressure from OEM customers to reduce costs and decontent vehicles; however, management remains focused on leveraging advanced feature adoption and new product launches to drive growth and profitability improvement.
| Metric | Target | Period |
|---|---|---|
| Consolidated revenue | $2.65 billion–$2.75 billion | FY2026 |
| Consolidated gross margin | 34%–35% | FY2026 |
| Consolidated operating expenses (excluding severance and impairments) | $410 million–$420 million | FY2026 |
| Effective tax rate | 16%–18% | FY2026 |
| Capital expenditures | $125 million–$140 million | FY2026 |
| Depreciation and amortization | $100 million–$110 million | FY2026 |
| Consolidated revenue | $2.8 billion–$2.9 billion | FY2027 |
| Full Display Mirror unit growth | 200,000–400,000 additional units | FY2026 vs FY2025 |
Consolidated revenue (FY2026): “Consolidated revenue for 2026 is now expected to be between $2.65 billion-$2.75 billion.”
Consolidated gross margin (FY2026): “Consolidated gross margin is still anticipated to be between 34% and 35% for the year.”
Consolidated operating expenses (excluding severance and impairments) (FY2026): “Consolidated operating expenses, excluding severance and impairments, are forecasted at $410 million-$420 million.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.6B | 2.5B | 2.3B | 2.3B | 1.9B | 1.7B |
| Net Income | 390M | 385M | 404M | 428M | 319M | 361M |
| EPS | $1.80 | $1.74 | $1.76 | $1.84 | $1.36 | $1.50 |
| Free Cash Flow | 466M | 458M | 354M | 354M | 192M | 293M |
| ROIC | 17.3% | 17.4% | 18.4% | 21.6% | 18.2% | 21.8% |
| Gross Margin | 34.3% | 34.2% | 33.3% | 33.2% | 31.8% | 35.8% |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.13 | 0.00 | 0.00 |
| Dividends/Share | $0.50 | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 |
| Operating Income | 485M | 474M | 460M | 496M | 370M | 410M |
| Operating Margin | 18.4% | 18.7% | 19.9% | 21.6% | 19.3% | 23.7% |
| ROE | 15.6% | 15.5% | 16.9% | 19.6% | 15.9% | 18.5% |
| Shares Outstanding | 211M | 221M | 230M | 233M | 234M | 241M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.4B | 1.5B | 1.7B | 1.8B | 1.8B | 1.9B | 1.7B | 1.7B | 1.9B | 2.3B | 2.3B | 2.5B | 2.6B |
| Gross Margin | 39.2% | 39.1% | 39.8% | 38.7% | 37.6% | 37.0% | 35.9% | 35.8% | 31.8% | 33.2% | 33.3% | 34.2% | 34.3% |
| R&D | 84M | 88M | 94M | 100M | 107M | 115M | 116M | 118M | 133M | 154M | 181M | 203M | 209M |
| SG&A | 56M | 57M | 62M | 71M | 75M | 85M | 90M | 92M | 106M | 113M | 121M | 178M | 198M |
| EBIT | 399M | 459M | 512M | 523M | 508M | 489M | 400M | 410M | 370M | 496M | 460M | 474M | 485M |
| Op. Margin | 29.0% | 29.7% | 30.5% | 29.2% | 27.7% | 26.3% | 23.7% | 23.7% | 19.3% | 21.6% | 19.9% | 18.7% | 18.4% |
| Net Income | 289M | 318M | 348M | 407M | 438M | 425M | 348M | 361M | 319M | 428M | 404M | 385M | 390M |
| Net Margin | 21.0% | 20.6% | 20.7% | 22.7% | 23.9% | 22.8% | 20.6% | 20.8% | 16.6% | 18.6% | 17.5% | 15.2% | 14.8% |
| Non-Recurring | 0 | 0 | 0 | 1.3M | 2.5M | 0 | 0 | 0 | 0 | 0 | 3.7M | 12M | 9.5M |
| Returns on Capital | |||||||||||||
| ROIC | 20.6% | 22.4% | 25.2% | 28.8% | 29.6% | 27.9% | 21.8% | 21.8% | 18.2% | 21.6% | 18.4% | 17.4% | 17.3% |
| ROE | 18.4% | 18.5% | 18.2% | 20.5% | 22.4% | 22.4% | 17.8% | 18.5% | 15.9% | 19.6% | 16.9% | 15.5% | 15.6% |
| ROA | 14.3% | 14.8% | 15.0% | 17.5% | 19.7% | 20.0% | 15.9% | 16.7% | 14.3% | 17.3% | 15.1% | 13.5% | 13.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 327M | 352M | 477M | 501M | 552M | 506M | 464M | 362M | 338M | 537M | 498M | 587M | 576M |
| Free Cash Flow | 255M | 254M | 356M | 397M | 466M | 421M | 413M | 293M | 192M | 354M | 354M | 458M | 466M |
| Owner Earnings | 229M | 250M | 369M | 383M | 432M | 380M | 329M | 236M | 211M | 405M | 364M | 446M | 433M |
| CapEx | 73M | 98M | 121M | 104M | 86M | 85M | 52M | 69M | 146M | 184M | 145M | 129M | 109M |
| Maint. CapEx | 77M | 81M | 89M | 100M | 102M | 105M | 105M | 99M | 97M | 93M | 95M | 104M | 104M |
| Growth CapEx | 0 | 17M | 32M | 4.5M | 0 | 0 | 0 | 0 | 50M | 90M | 50M | 25M | 5.2M |
| D&A | 77M | 81M | 89M | 100M | 102M | 105M | 105M | 99M | 97M | 93M | 95M | 104M | 104M |
| CapEx/OCF | 22.2% | 27.9% | 25.4% | 20.8% | 15.6% | 16.7% | 11.1% | 19.0% | 43.3% | 34.2% | 29.0% | 22.0% | 19.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 88M | 97M | 101M | 109M | 117M | 116M | 117M | 115M | 113M | 112M | 110M | 107M | 105M |
| Dividend Yield | 1.2% | 2.4% | 2.5% | 2.2% | 2.2% | 2.1% | 1.9% | 1.5% | 1.8% | 1.7% | 1.5% | 2.0% | 2.2% |
| Share Buybacks | 30M | 111M | 163M | 231M | 592M | 331M | 288M | 325M | 113M | 147M | 206M | 315M | 316M |
| Buyback Yield | 0.7% | 2.8% | 3.3% | 4.4% | 12.5% | 5.0% | 3.8% | 4.1% | 1.9% | 2.0% | 3.1% | 6.1% | 6.5% |
| Stock-Based Comp | 21M | 21M | 19M | 18M | 18M | 22M | 31M | 27M | 30M | 39M | 40M | 37M | 38M |
| Debt Repayment | 7.5M | 33M | 48M | 108M | 78M | 0 | 75M | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -224M | -315M | -530M | -644M | -386M | -437M | -376M | -268M | -238M | N/A | -256M | -147M | -171M |
| Cash & Equiv. | 497M | 552M | 546M | 570M | 217M | 296M | 423M | 262M | 215M | 226M | 233M | 146M | 175M |
| Long-Term Debt | 258M | 226M | 178M | 0 | 0 | 0 | 75M | 0 | 0 | N/A | N/A | N/A | 3.8M |
| Debt/Equity | 0.17 | 0.14 | 0.10 | 0.04 | 0.00 | 0.00 | 0.04 | 0.00 | 0.00 | 0.13 | 0.00 | 0.00 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | 174.5 | 635.2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 1.6B | 1.7B | 1.9B | 2.0B | 1.9B | 1.9B | 2.0B | 1.9B | 2.1B | 2.3B | 2.5B | 2.5B | 2.5B |
| Total Assets | 2.0B | 2.1B | 2.3B | 2.4B | 2.1B | 2.2B | 2.2B | 2.1B | 2.3B | 2.6B | 2.8B | 2.9B | 3.0B |
| Total Liabilities | 451M | 426M | 399M | 303M | 224M | 231M | 234M | 193M | 261M | 299M | 289M | 438M | 492M |
| Intangibles | 347M | 328M | 308M | 289M | 270M | 250M | 250M | 239M | 219M | 214M | 195M | 189M | 186M |
| Retained Earnings | 989M | 1.1B | 1.2B | 1.3B | 1.1B | 1.1B | 1.1B | 1.0B | 1.1B | 1.3B | 1.5B | 1.5B | 1.5B |
| Working Capital | 723M | 853M | 1.0B | 941M | 682M | 779M | 802M | 691M | 698M | 726M | 785M | 741M | 764M |
| Current Assets | 857M | 984M | 1.2B | 1.2B | 851M | 950M | 979M | 873M | 949M | 998M | 1.0B | 1.1B | 1.2B |
| Current Liabilities | 133M | 131M | 150M | 244M | 169M | 172M | 178M | 182M | 251M | 272M | 253M | 388M | 445M |
| Per Share Data | |||||||||||||
| EPS | 0.49 | 1.08 | 1.19 | 1.41 | 1.62 | 1.66 | 1.41 | 1.50 | 1.36 | 1.84 | 1.76 | 1.74 | 1.80 |
| Owner EPS | 0.39 | 0.85 | 1.26 | 1.33 | 1.60 | 1.48 | 1.33 | 0.98 | 0.90 | 1.74 | 1.58 | 2.02 | 2.05 |
| Book Value | 2.67 | 5.84 | 6.54 | 7.10 | 6.89 | 7.58 | 7.97 | 8.06 | 8.81 | 9.93 | 10.74 | 11.25 | 11.84 |
| Cash Flow/Share | 0.56 | 1.19 | 1.63 | 1.74 | 2.04 | 1.98 | 1.88 | 1.51 | 1.44 | 2.31 | 2.17 | 2.65 | 2.34 |
| Dividends/Share | 0.16 | 0.34 | 0.36 | 0.39 | 0.44 | 0.46 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.50 |
| Shares Out. | 589.0M | 294.9M | 292.1M | 288.5M | 270.3M | 255.8M | 246.5M | 240.5M | 234.4M | 232.8M | 229.8M | 221.2M | 211.5M |
| Valuation | |||||||||||||
| P/E Ratio | 15.2 | 12.6 | 14.2 | 12.9 | 10.8 | 15.7 | 22.1 | 21.7 | 18.6 | 17.2 | 16.2 | 13.4 | 12.7 |
| P/FCF | 34.6 | 15.8 | 13.9 | 13.2 | 10.1 | 15.8 | 18.6 | 26.7 | 31.0 | 20.8 | 18.5 | 11.3 | 10.4 |
| EV/EBIT | 10.5 | 8.1 | 8.6 | 9.1 | 8.6 | N/A | N/A | N/A | N/A | N/A | 13.7 | 10.6 | 9.6 |
| Price/Book | 2.8 | 2.3 | 2.6 | 2.6 | 2.5 | 3.4 | 3.9 | 4.0 | 2.9 | 3.2 | 2.7 | 2.1 | 1.9 |
| Price/Sales | 2.7 | 2.6 | 2.4 | 2.7 | 2.9 | 3.0 | 3.7 | 4.4 | 3.3 | 2.9 | 3.1 | 2.1 | 1.8 |
| FCF Yield | 5.8% | 6.3% | 7.2% | 7.5% | 9.9% | 6.3% | 5.4% | 3.7% | 3.2% | 4.8% | 5.4% | 8.9% | 9.6% |
| Market Cap | 4.4B | 4.0B | 4.9B | 5.3B | 4.7B | 6.7B | 7.7B | 7.8B | 5.9B | 7.4B | 6.5B | 5.2B | 4.8B |
| Avg. Price | 12.44 | 13.84 | 13.87 | 16.86 | 19.82 | 21.92 | 25.03 | 31.86 | 26.90 | 28.32 | 31.53 | 24.27 | 22.90 |
| Year-End Price | 14.94 | 13.63 | 16.91 | 18.23 | 17.51 | 26.11 | 31.10 | 32.54 | 25.34 | 31.66 | 28.49 | 23.35 | 22.90 |
GENTEX CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
GENTEX CORP trades at 13.2x trailing earnings, compared to its 15-year median P/E of 16.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 10.8x vs a median of 17.2x. The company's 5-year average ROIC is 19.5% with a gross margin of 33.7%. Total shareholder yield (dividends + buybacks) is 8.7%. At current prices, the estimated annualized return to fair value is -0.8%.
GENTEX CORP (GNTX) has a net profit margin of 15.2%. This is a healthy margin.
GENTEX CORP (GNTX) generated $458 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GENTEX CORP (GNTX) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
GENTEX CORP (GNTX) reported earnings per share (EPS) of $1.74 in its most recent fiscal year.
GENTEX CORP (GNTX) has a return on equity (ROE) of 15.5%. This indicates the company generates strong returns for shareholders.
GENTEX CORP (GNTX) has a 5-year average gross margin of 33.7%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for GENTEX CORP (GNTX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GENTEX CORP (GNTX) has a book value per share of $11.25, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued growth in Full Display Mirror with an additional 200,000–400,000 units anticipated in 2026, and driver monitoring systems expected to begin shipping to two additional OEM customers in the second and early third quarters of 2026, with material revenue contribution targeted for 2028–2029. Dimmable visor technology is progressing toward first customer launch in the second half of 2027, with manufacturing lines being built to support expected volumes. The company anticipates gross margin recovery toward its long-term target of 35–36%, supported by internal value-added features and cost reduction initiatives, though near-term headwinds from tariffs, precious metals, petroleum-based products, and memory component costs are expected to persist. Light vehicle production in the company's primary markets is forecast to remain flat to slightly down in 2026 and 2027, creating pressure from OEM customers to reduce costs and decontent vehicles; however, management remains focused on leveraging advanced feature adoption and new product launches to drive growth and profitability improvement.
Based on recent SEC filings and earnings calls, GENTEX CORP (GNTX) has provided the following forward guidance: Consolidated revenue: $2.65 billion–$2.75 billion (FY2026); Consolidated gross margin: 34%–35% (FY2026); Consolidated operating expenses (excluding severance and impairments): $410 million–$420 million (FY2026); Effective tax rate: 16%–18% (FY2026); Capital expenditures: $125 million–$140 million (FY2026), plus 3 additional metrics.
Effective tax rate (FY2026): “The effective tax rate is expected to be between 16% and 18%.”
Capital expenditures (FY2026): “Capital expenditures are projected at $125 million-$140 million”
Depreciation and amortization (FY2026): “depreciation and amortization is expected to total $100 million-$110 million.”
Consolidated revenue (FY2027): “the company has updated its expected calendar year 2027 revenue range to be between $2.8 million and $2.9 billion.”
Full Display Mirror unit growth (FY2026 vs FY2025): “we're well on our way to adding another 200,000-400,000 units versus last year's volume.”